Description
Title: To authorize the issuance of general obligation public improvement bonds of the City of Richmond in the maximum principal amount of $9,778,140 to finance the cost of capital improvement projects of the stormwater utility of the City for the following purposes and uses: replacement of and upgrades to the stormwater facilities, including but not limited to, construction, reconstruction, improvements, rehabilitation and upgrades of stormwater sewers and associated facilities; new and replacement infrastructure of the storm sewer system, drainage structures, catch basins, ditches, storm sewer pipe
Summary
On March 11, 2026, the City of Richmond introduced Ordinance No. 2026-068, authorizing the issuance of general obligation public improvement bonds totaling up to $9,778,140. These funds are designated for capital improvement projects related to the city's stormwater utility, including the replacement and upgrade of stormwater facilities, infrastructure, and equipment. The ordinance empowers the Director of Finance, with the Chief Administrative Officer's approval, to sell these bonds, which may be issued as either tax-exempt or taxable. A public hearing is scheduled for March 23, 2026. This legislation is significant as it aims to enhance the city's stormwater management, thereby potentially reducing flooding and improving water quality, which directly impacts the